Student Employment History and FHA

alyssamarie · ‎10-02-2014

My husband and I are considering buying a house in our home town about 45 minutes from where we live now because it's a really affordable area. I've already found 3 houses online that are small but cute for only $55-65k.

I've read that you can count time in school towards the 2 year employment history needed and even get approved with a job offer letter. Right now we both have internships (co-operative education technically since it's longer than 1 semester) in our areas of study (finance for me, engineering for him). I'll make $900 a month, but I just started last month and he makes $1800 a month and has been there for over a year (and will likely get a full time job offer when he graduates in Dec. but I don't think that'll matter if we buy before then). Will we have any issues with employment history since we're both in school right now or should we be fine? I graduate in May and my current internship will last until then also.

I know that our income would be enough to qualify for such a small mortgage, but will we have any issues with the employment history part? My last internship lasted 6 months and was also in my area of study but was unpaid, if that's relevant since I just started this new one last month.

Any input? Thanks in advance!

alyssamarie · ‎10-02-2014

And in case it matters or anyone is curious, according to Discover and Barclay, my credit score is 693 right now and his is 680 but our Amex card is at over 50% util right now, which is bringing our scores down a bit. Usually mines 700 and his is 690ish.

Anonymous · ‎10-03-2014

What are your monthly expenses for credit cards and car payments (if any). You have to look at that when thinking of buying a home because they need to figure out your DTI to qualify also, it isn't just income and credit scores.

alyssamarie · ‎10-03-2014

@Anonymous wrote:
What are your monthly expenses for credit cards and car payments (if any). You have to look at that when thinking of buying a home because they need to figure out your DTI to qualify also, it isn't just income and credit scores.

Thanks, I know that but it doesn't really help answer my current question!

No car payments, and our credit card payments would be very minimal, maybe $35 a month if they consider the usual minimum payment due. Pretty much all of our cards are paid off but the Amex right now!